Country Bank For Savings Mortgage Rates, Fees & Info
Ware, MALEI: 5493005NN76XZ2NOFH19
Tax ID: 04-1946610
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Mortgage Data
Bank Data
Review & Overview
Country Bank For Savings is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Country Bank For Savings has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Springfield, Worcester, Providence, Barnstable Town, and Hartford among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Country Bank For Savings has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.21% | 4/19/24 |
| 30 Year Conventional Purchase | 5.80% | 4/19/24 |
| 30 Year Conventional Refi | 5.87% | 4/19/24 |
| 30 Year Cash-out Refi | 6.20% | 4/19/24 |
| 15 Year Conventional Purchase | 5.26% | 4/19/24 |
| 15 Year Conventional Refi | 5.68% | 4/19/24 |
| 15 Year Cash-out Refi | 5.68% | 4/19/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Country Bank For Savings Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
354Origination Dollar Volume (All Markets)
$92,780,000Employee count
225Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| SPRINGFIELD, MA (FHA|USDA|VA) | 206 | $43,970,000 | $213,447 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 130 | $32,210,000 | $247,769 | $0 | 4.19% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $6,360,000 | $3,180,000 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 5 | $4,055,000 | $811,000 | $0 | 0.00% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 4 | $3,590,000 | $897,500 | $0 | 0.00% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 4 | $2,200,000 | $550,000 | $0 | 0.00% |
| PITTSFIELD, MA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 0.00% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Country Bank for Savings based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 348 | $91,640,000 | $263,333 | $0 | 0.00% |
| USDA | 5 | $825,000 | $165,000 | $0 | 0.00% |
| HELOC | 1 | $315,000 | $315,000 | n/a | 4.19% |
For 2019, Country Bank For Savings's most frequently originated type of loan was Conventional, with 348 originations. Their 2nd most popular type was USDA, with 5 originations.
Loan Reason
For 2019, Country Bank For Savings's most frequently cited loan purpose was Home Purchase, with 208 originations. The 2nd most popular reason was Cash Out Refi, with 86 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 354 | $92,780,000 | $262,090 | $0 | 4.19% |
For 2019, Country Bank For Savings's most frequently cited loan duration was Other, with 354 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1 | $315,000 | $315,000 |
During 2019, Country Bank For Savings's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 1 originations.
Loan Sizing
2019 saw Country Bank For Savings place emphasis on $200k-400k loans with 144 originations, totaling $38,730,000 in origination value.
Applicant Income
Country Bank For Savings lent most frequently to those with incomes in the $50k-75k range, with 83 originations. The second most popular income band? $100k-150k, with 75 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 353 | $92,465,000 | $261,941 | $0 | 0.00% |
Country Bank For Savings lent most frequently to those with DTI ratios of Exempt%, with 353 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.63%
Country Bank For Savings has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination83.90%
Country Bank For Savings has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 353 | $92,465,000 | $261,941 |
| NA | 1 | $315,000 | $315,000 |
Occupancy Type Mix
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 60-80% | 1 | $315,000 | $315,000 | $0 | 4.19% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTERSTATE BANK CORPORATION | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| CENTERSTATE BANK CORPORATION | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Country Bank for Savings | 2379 Boston Road Wilbraham, MA 1095 | Full Service B&M | $152,427 |
| Country Bank for Savings | 278 Park Avenue Worcester, MA 1609 | Full Service B&M | $37,591 |
| Country Bank for Savings | 352 Palmer Road Ware, MA 1082 | Full Service Retail | $36,732 |
| Country Bank for Savings | 1084 Main Street Leicester, MA 1524 | Full Service B&M | $63,494 |
| Country Bank for Savings | 1485 North Main Street Palmer, MA 1069 | Full Service B&M | $108,575 |
| Country Bank for Savings | 155 West Street Ware, MA 1082 | Full Service B&M | $92,082 |
| Country Bank for Savings | 191 Sykes Street Palmer, MA 1069 | Full Service B&M | $64,804 |
| Country Bank for Savings | 21 North Main Street Belchertown, MA 1007 | Full Service B&M | $85,077 |
| Country Bank for Savings | 37 Worcester Road Charlton, MA 1507 | Full Service B&M | $49,864 |
| Country Bank for Savings | 64 Cherry Street Ludlow, MA 1056 | Full Service Retail | $72,249 |
| Country Bank for Savings | 687 Pleasant Street Paxton, MA 1612 | Full Service B&M | $33,850 |
| Country Bank for Savings | 75 Main Street Ware, MA 1082 | Full Service B&M | $254,381 |
| Country Bank for Savings | 8 West Main Street West Brookfield, MA 1585 | Full Service B&M | $70,701 |
| Country Bank for Savings | 88 Masonic Home Road Charlton, MA 1507 | Full Service Retail | $7,646 |
| Country Bank for Savings | 9 Main Street (South Side) Brimfield, MA 1010 | Full Service B&M | $38,228 |
For 2019, Country Bank For Savings had 15 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $69,635 |
| Net interest income | $50,970 |
| Total noninterest income | $6,308 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $2,179 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $4,129 |
| Pre-tax net operating income | $17,781 |
| Securities gains (or losses, -) | $361 |
| Income before extraordinary items | $13,748 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $13,748 |
| Minority interest net income | $0 |
| Net income | $13,748 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $13,462 |
Country Bank For Savings's gross interest income from loans was $69,635,000.
Country Bank For Savings's net interest income from loans was $50,970,000.
Country Bank For Savings's fee based income from loans was $2,179,000.
Country Bank For Savings's net income from loans was $13,748,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $18,665 |
| Provision for credit losses | $500 |
| Total noninterest expense | $38,997 |
| Salaries and employee benefits | $21,873 |
| Premises and equipment expense | $6,333 |
| Additional noninterest expense | $10,791 |
| Applicable income taxes | $4,394 |
| Net charge-offs | $155 |
| Cash dividends | $0 |
Country Bank For Savings's interest expense for loans was $18,665,000.
Country Bank For Savings's payroll and benefits expense were $21,873,000.
Country Bank For Savings's property, plant and equipment expenses $6,333,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 1.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 1.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 1.0% |
| HELOC loans | 2.0% |
| All other family | 1.0% |
| Commercial & industrial loans | 3.0% |
| Personal loans | 0.0% |
| Credit card loans | 0.0% |
| Other individual loans | 0.0% |
| Auto loans | 0.0% |
| Other consumer loans | 0.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $1,187,085 |
| Deposits held in domestic offices | $1,187,085 |
| Deposits by Individuals, partnerships, and corporations | $1,116,541 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $66,710 |
| Deposits by Commercial banks and other depository institutions in U.S. | $3,834 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $60,982 |
| Demand deposits | $49,174 |
| Nontransaction accounts | $1,126,103 |
| Money market deposit accounts (MMDAs) | $273,370 |
| Other savings deposits (excluding MMDAs) | $450,817 |
| Total time deposits | $401,916 |
| Total time and savings deposits | $1,137,911 |
| Noninterest-bearing deposits | $218,017 |
| Interest-bearing deposits | $969,068 |
| Retail deposits | $1,037,231 |
| IRAs and Keogh plan accounts | $80,182 |
| Brokered deposits | $57,617 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,687,946 |
| Cash & Balances due from depository institutions | $15,666 |
| Interest-bearing balances | $2,912 |
| Total securities | $331,885 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,297,339 |
| Loan and leases loss allowance | $12,079 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $14,365 |
| Other real estate owned | $1 |
| Goodwill and other intangibles | $1,367 |
| All other assets | $26,803 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,687,946 |
| Total Liabilities | $1,440,371 |
| Total deposits | $1,187,085 |
| Interest-bearing deposits | $969,068 |
| Deposits held in domestic offices | $1,187,085 |
| % insured (estimated) | $77 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $234,382 |
| Subordinated debt | $0 |
| All other liabilities | $18,904 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,297,339 |
| Loan and leases loss allowance | $12,079 |
| Total loans and leases (domestic) | $1,309,418 |
| All real estate loans | $1,274,344 |
| Real estate loans in domestic offices | $1,274,344 |
| Construction and development loans | $159,537 |
| Residential 1-4 family construction | $25,959 |
| Other construction, all land development and other land | $133,578 |
| Loans secured by nonfarm nonresidential properties | $405,346 |
| Nonfarm nonresidential secured by owner-occupied properties | $94,511 |
| Commercial real estate & other non-farm, non-residential | $310,835 |
| Multifamily residential real estate | $108,555 |
| 1-4 family residential loans | $600,906 |
| Farmland loans | $0 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $25,997 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $8,871 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $4,120 |
| Other loans to individuals | $4,751 |
| All other loans & leases | $206 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $206 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $7,500 |
| Non 1-4 family restructured loans & leases | $1,087 |
| Total loans and leases (foreign) | $0 |
Country Bank for Savings had $1,297,339,000 of loans outstanding in 2019. $1,274,344,000 of loans were in real estate loans. $159,537,000 of loans were in development loans. $108,555,000 of loans were in multifamily mortgage loans. $600,906,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,120,000 of loans were in the auto loan category.
Small Business Loans
| Categorization | # of Loans in Category | $ amount of loans (in 000's) | Average $/loan |
|---|---|---|---|
| Nonfarm, nonresidential loans - <$1MM | 254 | $59,318 | $233,535 |
| Nonfarm, nonresidential loans - <$100k | 33 | $808 | $24,485 |
| Nonfarm, nonresidential loans - $100-250k | 84 | $10,113 | $120,393 |
| Nonfarm, nonresidential loans - $250k-1MM | 137 | $48,397 | $353,263 |
| Commercial & Industrial, US addressed loans - <$1MM | 327 | $14,031 | $42,908 |
| Commercial & Industrial, US addressed loans - <$100k | 251 | $4,530 | $18,048 |
| Commercial & Industrial, US addressed loans - $100-250k | 43 | $3,056 | $71,070 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 33 | $6,445 | $195,303 |